Jul
25

The US Self Storage Real Estate Investment Trusts (REITs)

If you are interested in getting a self storage unit take a long look at self storage REITs. An REIT is a real estate investment trust, and there are dozens of real estate investment trusts in the US. One type of REIT is self storage. In the market of public self storage REITs a typical storage facility is 70,000 sq. ft. that is available to rent. As smaller storage companies move into the market they are quickly taking up 90 percent of customers. On the other hand the public self storage REITs comprise the remaining 10 percent of the market. When you have the option of whom to trust, a publicly traded self storage company offers far more potential.

Self Storage REIT Booms in the US

Self storage is a huge business here in the US. Actually self storage is a relatively new concept in European countries where self storage hasn’t quite caught on. While there aren’t any European countries with more than 100 self storage facilities, the US has more than 46,000 self storage facilities.

Self storage REITs are companies that own and manage self storage units. These can include sports locker rooms, moving containers, outdoor venues or classrooms. Examples of self storage REITs are Public Storage, Extra Storage Space, U-Haul, CubeSmart and Uncle Bob’s Storage.

The typical type of customer ranges from an individual who needs to rent a storage unit for moving, to businesses that rent units for workspaces. There are far more individuals whom are utilizing self storage REITs, as individuals make up 70 percent of unit renters. When a customer comes to one of these businesses to rent a self-storage unit they have options. They can lease a self storage unit for a month at a time, which is ideal for movers, vacationers or travelers. In certain situations, such as the rental of a container for moving, a storage company will offer that on an hourly or daily rate.

Ways Customers Benefit from REITs

When you are getting ready to move to a new place, your main priority is your belongings. You have to get everything from Point A to Point Z in a short period of time. That requires placing items in storage until you have everything settled. This is the key point of REITs. Individuals hire companies like U-Haul or CubeSmart to hold household items temporarily. When you opt for a public REIT you are also ensuring that your belongings will be safe for a long period of time, if need be. After all, to be ranked on the market means an REIT has earned its rank.

Reasons to Choose a Self Storage REIT

Customers of self storage units come from all backgrounds and walks of life. However, there are certain reasons that people need to use self storage at different periods in their life. For example, when you are moving out on your own this is typically the first time you will need to use self storage. Whether you are moving off to college and need extra storage for the summer semesters, or you are traveling abroad for 6 months, you can use self storage REITs.

As you continue throughout life you are likely to kindle a relationship with someone special. Whether you marry or are in cohabitation with someone, if things turn sour in your relationship one of you will need to find a new home. During this turbulent time in your life having a secure self storage unit located near you will be a lifesaver. You will be able to utilize the space as you adjust into your new home. Rather than having to deal with items filled with memories, such as your wedding album, you can store it temporarily in a self storage container.

Speaking of downsizing, as you advance with age and your children leave the nest, you will be in a prime position to find a smaller place to call home. As you downsize to a smaller, more manageable home for you and perhaps a spouse you will able to store those larger and less often used items in your self storage locker. Save those keepsakes and treasures to pass down to the next generation thanks to climate controlled storage units. If you have a classic hot rod you’ve restored you can use drive-thru storage containers to protect your investment.

In the instance that someone in your life dies and you are left to store their belongings, self storage is a true blessing. For example, say you have to remove your deceased parent’s personal belongings from their rental apartment. You don’t want to keep everything and you have to wait until other family members can go through it all. What is the best solution? Go with a self storage room where you can keep all of their personal effects on display until the sorting is complete.

By choosing a public company in the self storage industry you are going with a top choice. You want a company with full transparency and that offers the best service. Self storage companies including Extra Space Storage, CubeSmart, and Uncle Bob's Storage are the best options. Keep in mind you will want to choose a self storage facility that is near to your home for convenience. Also, look for a company that provides the amount of space you need. Whether you opt for a climate controlled unit that you can drive thru, or simply a mini locker, you'll be able to save money with self storage REITs.